The following questions are based on the material inChapter 3: The Good & Services Tax

Fox wedge Pty Ltd operates a small business. Fox wedge Pty Ltd accounts for and reports GST on an accrual basis quarterly. During the June quarter the following transactions occurred.

Required:

Complete the GST Calculation Worksheet for Fox wedge's June quarter BAS.

All amounts include GST where applicable.

Receipts ($)

Sale of goods

200900

Export sales

12150

GST-free sales

5600

Commercial rent received

14600

Sale of printing equipment

19750

Bank interest received

2409

Dividends received

255

Bank loan received

310000

Payments ($)

Salaries and wages

58400

Superannuation

5440

Rent of business premises

15600

General business expenses

33465

Purchase of fax machine

4940

Printing supplies

42520

Interest paid

120

Telephone bill

5260

Drawings

152500

Bank charges

670

Insurance (no stamp duty)

2620

GST Calculation Worksheet for Fox wedge Pty Ltd, June quarter BAS:

GST amounts you owe the Tax Office from sales ($)

G1

Total sales (including and GST)

G2

Export sales

G3

Other GST-free sales

G4

Input taxed sales

G5

G2 + G3 + G4

G6

Total sales subject to GST

(G1 minus G5)

G7

Adjustments (if applicable)

G8

Total sales subject to GST after adjustments

(G6 + G7)

G9

GST on sales (G8 divided by eleven)

GST amounts the Tax Office owes you from purchases ($)

G10

Capital purchases

(including and GST)

G11

Non-capital purchases

(including any GST)

G12

G10 + G11

G13

Purchases for making input taxed sales

G14

Purchases without GST in the price

G15

Estimated purchases for private use

or not income tax deductible

G16

G13 + G14 + G15

G17

Total purchases subject to GST

(G12 minus G16)

G18

Adjustments (if applicable)

G19

Total purchases subject to GST after

adjustments (G17 + G18)

G20

GST on purchases (G19 divided by eleven)